The scenario I have in mind, is tarquin finally realizing that Elan isn't the main protagonist in his own story line and having a breakdown, trying to kill Elan for being a character purely involved for comic effect and to inject some drama into his life.
At this point Nale (who feels betrayed by Tarquin, after he favors Elan for some reason, probably since Nale has become something like a 'stale, repetitive recurring villain') will attack Tarquin and kill him in a sneak attack, and wind up dieing himself as a result of his own revenge, probably falling from a bridge/ledge into a canyon or other inevitable death. For added comedy, Tarquin will quote a film for dramatic effect, with Nale telling him that line has already been done before. Cue a scream of NOOOOOOO from Tarquin as they both fall to their death.
I expect that Elan will be happy with this, as if anything, it glorifies Tarquin, giving him the death Elan feels is dramatically appropriate, and also would give Nale a death more theatrical than he deserves. I think Elan would see this as an 'acceptable death' as you put it.
This will almost certainly be followed by Belkar/ Roy saying something hilarious.
So far Rich has done each part of the narrative in sections. For example 'the dungeon of Dorukan, the journey to Azure city, the battle and events IN Azure city, the party being split up, and now the desert/empire of blood section. So far, most major villains of the section they were part of have died at the end of it (Miko, that lord guy at sea)...
It's all about to go down!!!
P.S If I'm right about this, then i'm using this post as undeniable proof of my psychic ability